Monthly home sales decline slightly in South County

Monthly home sales decline slightly in South County

Record-Journal
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Single-family home sales in South County declined 4 percent in August, compared with the same month last year, according to the latest figures released by the Rhode Island Association of Realtors. There were 181 Realtor-assisted closings last month in the nine towns, compared with 189 a year earlier. Here are the local figures, from information provided by the State-Wide Multiple Listing Service:

Westerly: 16 single-family home transactions in August, compared with 21 in August 2016. The median price was $308,750, compared with $369,000 a year earlier, and the homes averaged 39 days on the market, compared with 80 in August 2016. There were no “distressed sales,” defined as those in foreclosures, or with underwater mortgages. Last year there was one distressed sale.

Richmond: 15 homes sold, 3 more than August 2016. The median price was $339,900, up from $291,500, and the average-days-on-market fell to 45 from 81 in August 2016. There were no distressed sales; last year there was one.

Hopkinton: 10 homes sold, 2 fewer than the year before. The median price rose to $250,000 from $233,900, and time on the market fell to 47 days, compared with 58 the year before. There were 2 distressed sales, compared with 3 last year.

Charlestown: 9 home deals, compared with 23 in August 2016. The median price was $325,000, a drop of $10,000. Days on the market dropped to 80, compared with 92 a year earlier. There were no distressed sales for the month in either year.

For Washington County as a whole, North Kingstown led the way in home sales with 50 in August, up 7 from the year before. South Kingstown was next with 46 sales, 3 fewer than August 2016.

Statewide, single-family home sales rose 4 percent in August, to 1,156, and the median price of those sales increased 6.1 percent to $260,000, according to the Realtor’s press release. Data from the State-Wide Multiple Listing Service showed that the inventory of homes for sale, 3,892, was a decline of 14.3 percent compared with August 2016, continuing an 18-month trend of diminishing year-over-year inventory.

Another measure of the supply-demand balance can be seen in the Realtors’ tabulation of the length of time houses are spending on the market. For August, the days-on-market figure was lower on a year-to-year basis in only six of the association’s 40 local markets in Rhode Island — and one of those places was Block Island, where only one home was sold last month. It sold for $1.4 million, after 384 days on the market.

“While sales activity has been up and down following last year’s record-breaking year, prices have been consistently on the rise. The year-over-year median sales price has risen every month since February, hitting levels that we haven’t seen since 2007,” said Brenda L. Marchwicki, of Providence, president of the Rhode Island Association of Realtors.

The condo market also fared well in August with 205 sales, up 11.4 percent compared with 12 months earlier. The median price of condos sold last month rose 10.1 percent from a year earlier while inventory decreased 5.9 percent. The association did not break out condo sales on a town-by-town basis.

According to the association, there was just over a four-month supply of single-family homes on the market, and a five-month supply of listed condominiums. The Realtors said that a six-month supply typically indicates a market balanced between buyers and sellers.

business@thewesterlysun.com


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